India has maintained its resilience in consumer sentiment, securing the 2nd position on the LSEG-Ipsos Primary Consumer Sentiment Index (PCSI) in December 2024 among 29 global markets. Despite a marginal dip of -0.7 percentage points from the previous month, the country recorded a robust National Index score of 60.3, reflecting its continued economic stability and consumer confidence. Throughout 2024, India consistently ranked among the top three countries on the index, with October marking its peak at the top spot due to festive cheer, followed by a slight slip to second place in November as Indonesia surged ahead.
The LSEG-Ipsos PCSI, a monthly survey capturing consumer sentiment from over 21,000 adults across 29 countries, maps sentiment through four key sub-indices. In December, the Current Personal Financial Conditions Sub-Index dipped by -2.0 percentage points, while the Economic Expectations Sub-Index rose by +1.0 percentage points, indicating optimism for future economic conditions. The Investment Climate Sub-Index saw a slight decline of -0.8 percentage points, and the Employment Confidence Sub-Index dropped by -2.4 percentage points, reflecting a slowdown in hiring activity toward the year-end.
Commenting on the findings, Amit Adarkar, CEO of Ipsos India, emphasized that India’s consumer confidence has remained among the highest globally throughout the year, aided by timely government interventions addressing issues like soaring fuel prices and the rising cost of essentials. He highlighted India’s position as a critical player in the global south and its trajectory toward becoming the world’s 3rd largest economy by 2030, underscoring its economic resilience and growth potential.
Globally, Indonesia (66.5) led the National Index scores, with India (60.3) following as the only two countries scoring above 60. Other nations with scores above 50 included the U.S. (57.6), Mexico (56.2), Singapore (55.4), and Thailand (55.2). Conversely, countries like France (38.5), Japan (38.5), South Korea (38.0), Hungary (34.0), and Türkiye (31.6) lagged significantly, with France witnessing its lowest consumer confidence since November 2020.
India’s strong showing on the PCSI underscores its robust economic fundamentals and consumer confidence, even amid global uncertainties. As one of the most promising emerging markets, India remains poised for sustained growth and economic leadership on the global stage.
